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Data Acquisition, Risk, and Estimation

Engineering and Business professionals often have access to many sources of data. The best way to way to ensure your data is both valid and reliable is to plan for it ahead of time. Through this class, you will be able to plan for accurate and precise data generation, then use that data for the purpose of estimation and risk reduction related to capital investments.

This specialization can be taken for academic credit as part of CU Boulder’s Master of Engineering in Engineering Management (ME-EM) degree offered on the Coursera platform. The ME-EM is designed to help engineers, scientists, and technical professionals move into leadership and management roles in the engineering and technical sectors. With performance-based admissions and no application process, the ME-EM is ideal for individuals with a broad range of undergraduate education and/or professional experience. Learn more about the ME-EM program at https://www.coursera.org/degrees/me-engineering-management-boulder.

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What's inside

Syllabus

Fundamentals of Sampling

Upon completion of this module, students will be able to classify types of sampling used for data acquisition, describe sampling error, and construct random number sequences for sampling.

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Taught by Wendy Martin, a leader and innovator in the field of data collection and analysis

Highly relevant toward risk assessment for capital investment

Covers best case and worst case scenario analysis

Involves hands-on practice using RStudio and ROIstat software

Requires a strong foundation in statistics and probability

Students are expected to have access to specialized software and hardware

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Reviews summary

Practical data acquisition and risk estimation

According to learners, this course offers a strong foundation in data acquisition and risk estimation, largely praised for its practical application to real-world business and engineering problems, particularly in capital investment analysis. Students found the instruction clear, making complex statistical concepts digestible. While it provides a solid overview, some noted a need for prior foundational statistics knowledge and a basic familiarity with RStudio to maximize learning, though the course integrates these tools effectively for hands-on application. It's particularly valuable for engineering management professionals seeking to enhance data-driven decision-making.

Best suited for engineering management.

"As part of the ME-EM program, this course fits perfectly into the curriculum for aspiring managers."

"This course is ideal for professionals looking to enhance their data-driven decision-making in technical roles."

"While comprehensive for an overview, it might lack the deep dive some pure statisticians are looking for, focusing more on application."

Apparent updates based on past feedback.

"Newer versions of the assignments are much clearer than what I've heard from previous students. Good improvements!"

"The examples seem to have been refined over time, making complex topics easier to grasp than I expected."

"I noticed the course materials felt current, suggesting an ongoing effort to keep content relevant and refined."

Effective use of RStudio for practical exercises.

"Learning to apply these methods in RStudio was a huge plus for me. It's a highly useful skill in the field."

"The ROIStat tool felt a bit niche, but it effectively demonstrated the calculations for return on investment."

"I appreciated the hands-on practice with R, even if the coding was mostly guided rather than extensive."

Complex concepts explained effectively.

"The instructor breaks down complex statistical concepts into digestible modules, making them easy to understand."

"Lectures are well-structured and easy to follow, even for someone who hasn't touched statistics in years."

"I appreciated how clearly the course laid out the steps for data acquisition and hypothesis testing."

Offers real-world strategies for professionals.

"The concepts taught here are directly applicable to my work in capital investment analysis. I can immediately use what I learned."

"I found the content on risk reduction and estimation invaluable for making better business decisions. It's very practical."

"This course bridges the gap between theory and practical engineering management challenges, which is exactly what I needed."

Benefits from prior statistics/R knowledge.

"While the course is great, I struggled a bit without a strong recent background in statistics. Some refreshers would help."

"Assumes a basic understanding of R and statistical inference. Be prepared to review these if you're rusty before starting."

"The pace can be a bit fast, especially in the later modules. Having a good foundation really helps keep up."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Data Acquisition, Risk, and Estimation with these activities:

Follow a tutorial on using RStudio for data analysis

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Follow a tutorial on using RStudio to gain hands-on experience with data analysis.

Browse courses on RStudio

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Find a tutorial on using RStudio for data analysis.
Follow the steps in the tutorial to learn how to use RStudio.

Review the book 'Statistics for Business and Economics' by Anderson, Sweeney, Williams, and Camm

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Review the textbook to strengthen foundational knowledge in statistics.

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Read the assigned chapters in the textbook.
Complete the practice problems at the end of each chapter.

Write a blog post on the importance of data validity and reliability

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Write a blog post to reinforce the importance of data validity and reliability in decision-making.

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Research the topic of data validity and reliability.
Write a blog post that explains the importance of data validity and reliability.

Four other activities

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Estimate the accuracy of measurements based on digit use

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Practice estimating the accuracy of measurements to improve understanding of the concept of sampling error.

Browse courses on Sampling

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Read through the course materials on sampling error.
Solve practice problems on estimating accuracy.

Attend a workshop on data visualization techniques

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Attend a workshop on data visualization techniques to learn how to present data in a clear and concise manner.

Browse courses on Data Visualization

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Find a workshop on data visualization techniques.
Attend the workshop and learn about different data visualization techniques.

Design a sampling plan for a specific scenario

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Create a real-world sampling plan to reinforce the principles of sampling design.

Browse courses on Sampling

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Identify the population of interest and the information needed.
Determine the sampling method and sample size.
Collect the data and analyze the results.

Build a data dashboard to track key performance indicators

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Build a data dashboard to practice data analysis and presentation skills.

Browse courses on Key Performance Indicators

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Identify the key performance indicators that you want to track.
Collect the data that you need to track the key performance indicators.
Build a data dashboard to visualize the data.
Use the data dashboard to track the key performance indicators and make informed decisions.

Career center

Learners who complete Data Acquisition, Risk, and Estimation will develop knowledge and skills that may be useful to these careers:

Risk Manager

Risk Managers identify, assess, and mitigate risks that may impact an organization's operations or finances. The Data Acquisition, Risk, and Estimation course would be highly relevant to Risk Managers, providing them with a comprehensive understanding of risk assessment techniques, data analysis methods, and strategies for risk management.

See salaries and explore the career path for Risk Manager

Data Analyst

Data Analysts use various techniques to collect, clean, analyze, and present data, which is essential for driving informed decision-making. The Data Acquisition, Risk, and Estimation course at the University of Colorado Boulder would be highly relevant to aspiring Data Analysts, providing them with a solid foundation in data sampling, estimation, hypothesis testing, and risk assessment. These skills are crucial for extracting meaningful insights from data and making accurate predictions.

See salaries and explore the career path for Data Analyst

Actuary

Actuaries use mathematical and statistical techniques to assess and manage financial risk. The Data Acquisition, Risk, and Estimation course at the University of Colorado Boulder would be valuable to aspiring Actuaries, providing them with a strong foundation in probability, statistics, and risk modeling. These skills are crucial for developing and implementing effective risk management strategies.

See salaries and explore the career path for Actuary

Quantitative Analyst

Quantitative Analysts use mathematical and statistical models to analyze data and make investment decisions. The Data Acquisition, Risk, and Estimation course would be highly beneficial to aspiring Quantitative Analysts, providing them with a solid foundation in data analysis, risk assessment, and statistical modeling. These skills are essential for developing and implementing profitable investment strategies.

See salaries and explore the career path for Quantitative Analyst

Statistician

Statisticians use data to make inferences about populations. The Data Acquisition, Risk, and Estimation course at the University of Colorado Boulder would be highly relevant to aspiring Statisticians, providing them with a strong foundation in probability, statistics, and data analysis. These skills are crucial for designing and conducting effective statistical studies.

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Survey Researcher

Survey Researchers design and conduct surveys to collect data about populations. The Data Acquisition, Risk, and Estimation course would be highly beneficial to aspiring Survey Researchers, providing them with skills in survey design, data analysis, and sampling techniques. These skills are essential for conducting valid and reliable surveys.

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Market Research Analyst

Market Research Analysts conduct surveys, interviews, and other research methods to gather data about target markets and consumer behavior. The Data Acquisition, Risk, and Estimation course would be beneficial to Market Research Analysts, helping them design effective data collection strategies, analyze data accurately, and mitigate risks associated with data interpretation.

See salaries and explore the career path for Market Research Analyst

Business Analyst

Business Analysts use data to identify and solve business problems. The Data Acquisition, Risk, and Estimation course at the University of Colorado Boulder would be highly relevant to aspiring Business Analysts, providing them with skills in data acquisition, analysis, and modeling. These skills are essential for developing and implementing effective business solutions.

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Data Scientist

Data Scientists use data to build models and solve complex problems. The Data Acquisition, Risk, and Estimation course would be valuable to aspiring Data Scientists, providing them with skills in data acquisition, analysis, and modeling. These skills are essential for developing and implementing effective data science solutions.

See salaries and explore the career path for Data Scientist

Financial Analyst

Financial Analysts use data to evaluate the financial performance and prospects of companies, industries, and investments. The course at the University of Colorado Boulder would be valuable to aspiring Financial Analysts, providing them with skills in data acquisition, estimation, and risk analysis. These skills are essential for making sound investment decisions.

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Epidemiologist

Epidemiologists study the distribution and determinants of health-related states or events in populations. The Data Acquisition, Risk, and Estimation course at the University of Colorado Boulder would be valuable to aspiring Epidemiologists, providing them with skills in data acquisition, analysis, and risk assessment. These skills are essential for identifying and preventing health risks in populations.

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Quality Assurance Manager

Quality Assurance Managers oversee the quality of products or services. The Data Acquisition, Risk, and Estimation course at the University of Colorado Boulder would be valuable to aspiring Quality Assurance Managers, providing them with skills in data analysis, risk assessment, and quality control. These skills are essential for ensuring that products or services meet quality standards.

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Operations Research Analyst

Operations Research Analysts use mathematical and statistical techniques to improve the efficiency of operations. The Data Acquisition, Risk, and Estimation course at the University of Colorado Boulder would be valuable to aspiring Operations Research Analysts, providing them with skills in data analysis, modeling, and risk assessment. These skills are essential for developing and implementing effective operations research solutions.

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Technical Writer

Technical Writers create documentation for technical products or services. The Data Acquisition, Risk, and Estimation course would be beneficial to aspiring Technical Writers, providing them with skills in data analysis, risk assessment, and technical writing. These skills are essential for developing clear and accurate technical documentation.

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Project Manager

Project Managers plan, execute, and close projects. The Data Acquisition, Risk, and Estimation course would be helpful to aspiring Project Managers, providing them with skills in project planning, risk management, and data analysis. These skills are essential for managing projects successfully.

See salaries and explore the career path for Project Manager

Reading list

We've selected ten books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Data Acquisition, Risk, and Estimation.

An Assessment of the National Institute of...

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This handbook provides a comprehensive overview of statistical methods for engineers and scientists. It covers topics such as data collection, analysis, and presentation, and it includes numerous tables and formulas to help students solve problems.

Data Acquisition, Risk, and Estimation

Two deals to help you save

What's inside

Syllabus

Traffic lights

Save this course

Reviews summary

Practical data acquisition and risk estimation

Activities

Career center

Reading list

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